Today’s Top Consulting Trends

Group of business consultants conducting a meeting in well-lit office
Group of business consultants conducting a meeting in well-lit office

Business consulting trends in 2019 indicate that organizational management is a rapidly changing and growing sector of the consulting industry. Knowing the latest industry trends is essential for any business consultant to provide the most innovative and effective solutions for their clients. MBA programs like the one available at Spring Arbor University offers a specialization in organizational consulting that prepares students for the exciting challenges of a career in this field.

Organizational management consultants work in both the public and private sectors and often specialize in certain areas such as healthcare, manufacturing or financial services. They provide advisory and implementation services to a company’s management to improve business strategy, performance and/or operations.

 

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What are Recent Trends in Business Consulting?

Since management consulting represents over half of the consulting industry, most players in the market are either specialized management consultancy firms or organizations with a business unit that offers management consulting services.

The top four consulting firms include—PwC, Deloitte, EY, and KPMG—and account for almost 40 percent of the industry’s estimated $155 billion global worth. However, businesses who invest in a consulting firm are trending towards the value and flexibility that small-to-medium firms offer in their implementation processes and pricing models.

Other major corporate consulting trends include:

1. Game-changing technology

  • The growing number of businesses seeking to increase their digital footprint has increased the demand for consultants. Consulting firms themselves are also doubling down on investments in social media and content marketing to build relationships with potential clients. Today’s prospects are more informed by the time they reach out to a specific firm.
  • New technology is also responsible for the commoditization of services consulting firms used to provide and depend on as major profit sources. Today’s top consultants are aware of the latest technology disrupting their space, and they’re able to innovate and provide value to their clients even if services become automated.
  • Automation is also replacing ‘back-office’ tasks that consultants used to be responsible for managing. This helps reduce cost and improves customer experience. 

2. Multi-sourcing

Historically, businesses purchased the services of one consulting firm. Now it’s increasingly common for clients to bring on multiple firms with niche specialties and expect them to work together on meeting project objectives.

3. Gig economy

In a gig economy, positions are temporary and contracts are based on short-term engagements. In lieu of long-term relationships with vendors, clients are choosing to purchase specific services when needed and end the engagement once work is complete.

4. Talent management

Consulting firms used to nurture top talent over a long period of time. With the emerging gig economy and its freelance and contract-based employment structures, firms need to re-evaluate their approach in attracting and retaining high-quality talent who possess the niche skills needed by the firm’s clients. Constantly evolving technologies and techniques put even more pressure on consulting firms to keep pace and remain competitive. 

5. Government regulation

Businesses rely on consultants to help keep their operations in compliance with evolving requirements. Regulatory changes provide consulting firms who stay up-to-date on the latest requirements with the opportunity to provide high-value expertise to their clients.

6. Performance-based billing

Out with the old ‘time and materials’ billing structure and in with pricing based on agreed-upon outcomes and value received in the form of operational improvements and strategy. There’s also increased pressure on consulting firms to lower their prices due to increased competition, globalization, commoditization and automation.

Stepping into a Bright Career

Recent trends in consulting lend to a rewarding career for individuals who thrive on working within dynamic market conditions and adapt to new technologies. The job outlook for organizational management consultants is expected to grow 14 percent faster than the average for all other occupations between 2016 and 2026.

Organizational management consultants with experience and advanced educational qualifications often have stronger career opportunities, and niche expertise can offer job seekers a competitive edge and flexibility given the recent trends in multi-sourcing and the gig economy.

Spring Arbor University’s online MBA with a specialization in organizational consulting features courses such as:

These courses and others educate SAU students to recognize, adapt and innovate in response to emerging trends within the business consulting industry. SAU’s organizational management courses also incorporate behavioral science and organizational leadership principles that students can apply to consulting strategies that help businesses navigate and thrive in changing market conditions.

With a robust academic curriculum grounded in strong Christian principles, students are prepared for a career in the rapidly evolving consulting industry and emerge as ethical leaders in business.

To learn more, contact us to speak with an online representative. 

 

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Sources: 

1. “Management Consulting.” Consultancy.uk. Accessed August 13, 2019, https://www.consultancy.uk/consulting-industry/management-consulting

2. “Latest Trends in the Consulting Services Industry.” Aston Carter, accessed August 13th, 2019, https://www.astoncarter.com/thought-leadership/latest-trends-in-the-consulting-services-industry

3. Methi, Vaibhav, “Consulting Industry: Trends and Challenges.” Re(Imagine), May 18, 2018, accessed August 12th, 2019, https://www.maknowledgeservices.com/blog/consulting-industry-trends-and-challenges/

4. Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, Management Analysts, on the Internet at https://www.bls.gov/ooh/business-and-financial/management-analysts.htm, visited August 12, 2019.

5. “Organizational Management Consultant Salary and Career Profile.” Florida Tech blog. Accessed August 12, 2019, https://www.floridatechonline.com/blog/psychology/organizational-management-consultant-salary-and-career-profile/.

6. Frederiksen, Lee, Ph.D., “Top 5 Business Challenges for Management Consulting Firms.” Hinge, July 23, 2018, accessed August 12, 2019, https://hingemarketing.com/blog/story/top-5-business-challenges-for-management-consulting-firms